Standardized Information Sources Ch 7 2 What is Standardized Information? • Standardized information is a type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users. • Two broad classes: –Syndicated data –Standardized services Ch 7 3 Types of Standardized Information • Syndicated data are data that are collected in a standard format and made available to all subscribers. –Example: The Nielsen TV Ratings Ch 7 4 Types of Standardized Information • Standardized services refers to a standardized marketing research process that is used to generate information for a particular user. –ESRI’s Community Tapestry Ch 7 5 Advantages of Syndicated Data • Advantages: – Shared costs – Quality of the data collected is typically very high. – Data are normally disseminated very quickly. Ch 7 6 Disadvantages of Syndicated Data • Disadvantages: –Buyers have little control over what information is collected. –Firms often must commit to long- term contracts. –No strategic information advantage in purchasing syndicated data. Ch 7 7 Advantages of Standardized Services • Advantages: –Taking advantage of the experience of the research firm offering the service. –Reduced cost. –Speed of the research service. Ch 7 8 Disadvantages of Standardized Services • Disadvantages: –The ability to customize some projects is lost. –The company providing the standardized service may not know a particular industry well. Ch 7 9 Application Areas of Standardized Information • Measuring Consumer Attitudes and Opinion Polls –Yankelovich Monitor –Harris Poll –Gallup Poll • Defining Market Segments –Dun’s Market Identifiers (DMI) for b2b –Vals Ch 7 10 Examples Gallup.com • Public opinion polling • Wide variety of topics: Iraq, military & defense, stem cell research, important factors in buying a car, smoking population percents over time, guns, etc. • Some issues may be tracked over several years; Gallup started in 1935. • http://poll.gallup.com/ [...]... Coffee Example at beginning of chapter, p 177 ff Ch 7 14 Application Areas of Standardized Information (cont.) • Conducting Marketing Tracking: RETAIL, HOME – Market tracking studies monitor, or track, a variable over time • ACNielsen’s Scantrack® Services 4,800 food, drug and mass merch.-weekly! Ch 7 15 Application Areas of Standardized Information (cont.) Ch 7 – Market tracking studies monitor, or track,... data How do you turn tracking data into intelligence? • Research firms designed standardized services to help… – IRI’s Builder – AC Nielsen’s category Business Planner (next slide) Ch 7 17 ACNielsen’s Category Business Planner • Allows manufacturers to see how their products are performing within each retailer’s own proprietary planning process Ch 7 18 Application Areas of Standardized Information (cont.)... data base updated monthly • Whereas SIC uses 4 digits and NAICS uses 5 or 6, DMI’s uses 8 digits to classify firms into very specific types of businesses Ch 7 11 Examples Dun’s Market Identifiers • Manufacturer of wooden gift baskets • Small without marketing resources • Needed wholesalers…of gift baskets Where are they? Who are they? • SIC: 51 Code for wholesalers/nondurables • 5199, wholesalers, nondurables,... wholesaling all kinds of goods • 51990603 DMI code: wholesalers of gift baskets 45 in U.S Complete 12 Ch 7 info on each! Geodemographics • Geodemographics is the term used to describe the classification of arbitrary, usually small, geographic areas in terms of the characteristics of their inhabitants Ch 7 13 Geodemographics • Claritas has a market profiling system called PRIZM – Defines every neighborhood... downloaded music – ACNielsen’s SoundScan – Television – Nielsen Television Index (NTI) Ch 7 19 Application Areas of Standardized Information (cont.) • Monitoring Media Usage and Promotion Effectiveness – Radio – Arbitron – Print – NOPWorld’s Starch Readership Service – Multimedia – Simmons National Consumer Study Ch 7 20 Age Income TV ad? Purcha se? Old Low No No Young High Yes Yes Young Moder ate Yes... High Yes Yes Young Moder ate Yes Yes Single Source Data • Single-source data: data that contain information on several variables such as promotional message exposure, demographics, and buyer behavior Ch 7 – Recorded continuously from a panel of respondents to measure their exposure to promotional materials (usually TV as well as in-store promotions) and subsequent buying behavior – Can help managers determine . data. Ch 7 7 Advantages of Standardized Services • Advantages: –Taking advantage of the experience of the research firm offering the service. –Reduced cost. –Speed of the research service. Ch 7. services refers to a standardized marketing research process that is used to generate information for a particular user. –ESRI’s Community Tapestry Ch 7 5 Advantages of Syndicated Data •. segments –Donofrio’s Coffee Example at beginning of chapter, p. 177 ff. Ch 7 15 Application Areas of Standardized Information (cont.) • Conducting Marketing Tracking: RETAIL, HOME –Market tracking studies